Gaines to step down as Fortescue chief

Fortescue Metals Group chief executive Elizabeth Gaines will step away from her role as the iron ore miner makes the transition to a green energy and resources group.

In an announcement to the ASX this morning, the company said Ms Gaines would transition to a non-executive director and global green hydrogen brand ambassador, while assisting chair Andrew Forrest in the search for her replacement.

The company has appointed global firm Egon Zehnder to assist in the search for a new chief executive.

It is also seeking "other leaders with exceptional skills and global experience across heavy industry, manufacturing, and renewable energy" as it builds what it calls an "even deeper management bench".

Ms Gaines will continue as chief executive while the executive search proceeds.  

"That search will take whatever time it needs, there is no rush," she told a press conference in Sydney this morning.

"Its business as usual until I transition to the non-executive director role."

Asked to elaborate on why she was leaving, Ms Gaines said she wasn't. 

“I don’t see this as a departure of any shape or form," she said

“This is just the opportune time, Fortescue is genuinely transitioning.

“This is a great time in Fortescue’s history to appoint only its fourth CEO.

“I am absolutely delighted to be staying at Fortescue and it is definitely business as usual until we find that person.”

The change forms part of the company's move to diversify, embrace renewables and achieve carbon neutrality for Scope 1 and 2 emissions by 2030.

Mr Forrest praised Ms Gaines for the role she had played in the company's growth during her time at the helm, having served on the board for nine years.

As a company, Mr Forrest said FMG was undergoing a significant transition, and he was delighted that Ms Gaines and the board were united in its vision and enthusiasm.

“The search with Elizabeth, for a CEO and an even deeper management bench, is an enormous opportunity for a talented and visionary executive team, to continue the successful leadership of Fortescue, as we deliver on our strategy to diversify Fortescue to a renewable energy and resources company,” he said.

“Fortescue Future Industries is making enormous progress and will support the decarbonisation of Fortescue through the innovation and technological development of a green fleet and the supply of green energy."

Ms Gaines described her four-year stint as chief executive as an honour and said she looked forward to continuing her work with the company as it continued to grow.

The former Helloworld chief executive first joined FMG in early 2013, serving as a non-executive director and chief financial officer.

She was appointed to the role of chief executive in February 2018.